⚡ BluSmart hits $60M ARR in FY24

Start Your Day with YS Buzz: Your 8 AM Snapshot of Today's Top Startup News! 01 May 2024 [View in Browser]( Hello, There was never a doubt that the funding winter had almost all sectors within its grasp. But a new report has highlighted the extent to which it affected the agri-foodtech sector. In 2023, [agri-foodtech startups]( in India secured $940 million in funding, marking a 60% decrease from the $2.4 billion raised in 2022, revealed the India AgriFoodTech Investment Report 2024. The report noted that funding figures for 2023 are close to the $1.3 billion raised in the pre-COVID year of 2019, indicating a return from inflated valuations seen during the pandemic years. Speaking of funds, [IvyCap Ventures]( announced the closure of its Fund III at Rs 2,100 crore. The fund will make Series A investments in 25 companies, with an average initial cheque size of Rs 30 to 50 crore. Elsewhere, [Instagram]( is trying to be egalitarian with its ranking systems. Now, the social media platform wants to give all creators—with large and small followings—an equal footing in terms of reach with a set of changes that it will implement over the next few months. In other news, [bitcoin]( prices fell nearly 2% from $63,300 to under $61,000 during European hours on Tuesday, after data showed poor uptake for Hong Kong’s newly listed exchange-traded funds (ETF) tied to bitcoin and ether. [ICYMI:]( Inside Abu Dhabi’s inaugural Autonomous Racing League. Lastly, witness the giant coral graveyard at the [Great Barrier Reef]( a victim of climate change! In today’s newsletter, we will talk about - BluSmart hits $60M ARR in FY24 - ChrysCapital closes Continuation Fund - From a tea stall to a free library Here’s your trivia for today: What does the X in "X-ray" stand for? --------------------------------------------------------------- EV BluSmart hits $60M ARR in FY24 EV ride-hailing company BluSmart has crossed an annual run rate of Rs 500 crore ($60 million) in FY24, up from $30 million the previous year. The company earned Rs 390 crore in revenue, up 2.4 times from its FY23 revenue, said co-founder Punit Goyal. Key takeaways: - Present in Delhi and Bengaluru, BluSmart has a fleet of 7,300 electric cars, which it hopes to expand to 10,000 by the end of 2024. - The company has also set up its own EV charging network across Delhi and Bengaluru. It recently opened its charging facility to other fleet operators and external users. - BluSmart last raised $25 million in debt and equity from ResponsAbility, a Zurich-based climate finance company. [Read More]( --------------------------------------------------------------- Funding Alert 1) Api Holdings Limited: $216M|Undisclosed 2) Charge Zone: $19M|Undisclosed 3) PointO: Rs 6.2 Cr|Seed --------------------------------------------------------------- Investment ChrysCapital closes Continuation Fund private equity (PE) firm ChrysCapital announced the final close of its $700 million Continuation Fund, anchored by HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures. The Continuation Fund also acquired a stake in the National Stock Exchange (NSE) to maintain its position as a long-term shareholder in the Indian stock and derivatives exchange. Money: - ChrysCapital, which first invested in NSE in 2016 from ChyrsCapital VI Fund, offered investors the option to exit or roll the value from the older fund as part of the new transaction. - Founded in 1998, the PE firm has so far raised more than $5 billion across nine funds. - The firm typically writes cheques between $25 million and $250 million. It has also announced the first close of its Category-3 open-ended AIF for investment in publicly traded companies. [Read More]( --------------------------------------------------------------- Inspiration From a tea stall to a free library Bhimabai Jondhale (74) started Ajjichya Pustakancha Hotel (Grandmother’s Hotel and Books) in 2015 to get customers at her tea stall to read instead of using their smartphones. Today, the stall offers over 5,000 free books to read in three different languages—Marathi, Hindi, and English. Reading: - Jondhale, who hails from Khatwad village in Nashik and was married when she was in class 6, was forced to give up her education. - She says that she began the initiative with only 50 books. However, the collection grew as people started donating books. - The eatery also gives free books on special occasions such as Women’s Day and Republic Day to foster a habit of reading among people. [Read More]( --------------------------------------------------------------- From the CapTable Protect fliers or airlines? India’s dilemma as airfares to Singapore, Gulf soar While India’s international travel segment is still to breach its pre-pandemic high of nearly 64.2 million inbound and outbound passengers set in 2019, this may finally be the year it eclipses that number. In 2023, passengers inbound and outbound to India climbed to 63.9 million. Indians are also taking to new tourist destinations. Countries such as Vietnam, Kenya, and Azerbaijan all saw a 2-4X jump in passenger travel in the final quarter of 2023. To keep pace with the growing demand, India and Vietnam have started talks to increase the quota of seats under their bilateral air service agreement (BASA), according to reports from March. BASAs establish the terms for foreign and domestic carriers flying to and from India, including the passenger capacity allowed. However, while India has been working to sign new air service agreements with countries such as Vietnam, the United Kingdom, and New Zealand to boost air connectivity, it has repeatedly refused calls to re-visit the agreements in place for extremely popular short-haul destinations such as countries in the Middle East and Southeast Asia. And with seat capacities remaining static, prices on these routes are skyrocketing. Key takeaways: - India has repeatedly refused to update bilateral air service agreements for many popular international destinations like Dubai and Singapore - This has led to nearly exhausted seat capacities on many such short-haul routes, with airfares for these destinations soaring - If bilaterals are revised, the carriers and the government worry the former will lose ground to major foreign carriers who dominate India’s international air travel market - To break the deadlock, experts suggest careful, balanced renegotiations of bilateral rights and focusing on increasing capacity from smaller airports [Read More]( --------------------------------------------------------------- News & updates - [Resigns:]( HSBC CEO Noel Quinn is stepping down, marking the surprise departure of a hard-nosed leader who has overseen a raft of asset sales, guided the European lender to record profit and lifted its share price. Chief Financial Officer Georges Elhedery is likely the leading internal candidate for the job. - [New brand:]( Walmart is debuting a new grocery brand, Better Goods, as it tries to retain the shoppers it has attracted during a period of high inflation. Executives described the brand as Walmart’s largest foray into the private-label food business in 20 years. - [Recession:]( The Eurozone has bounced back from its shallow technical recession after a stronger-than-expected performance by its “big four” economies in the first three months of 2024. Europe’s two biggest economies, Germany and France, grew by 0.2%, while Italy and Spain posted growth of 0.3% and 0.7%, respectively. Here's what else we have for you How Good Glamm Group leveraged content-to-commerce to become one of India’s fastest-growing consumer companies In association with The Good Glamm Group The Good Glamm Group launched in 2021. However, it originated in 2017 as a one-brand company, MyGlamm, by Darpan Sanghvi. Today, the group is one of the fastest-growing consumer companies in the country. One of the key factors driving this growth is its unique content-to-commerce strategy, which has helped it cultivate a large top-of-the-funnel audience and community with its owned content, social, and influencer assets. [Know More]( --------------------------------------------------------------- Introducing Dell Entrepreneur Hub: Powering India's Startup Dreams In association with Dell Technologies Introducing the Dell Entrepreneur Hub, a one-stop destination for aspiring and established entrepreneurs in India. This initiative, by Dell Technologies and YourStory, offers curated content, valuable connections, and a thriving community to empower your startup journey. Sign up [here](. [Read More]( Did you know? What does the X in "X-ray" stand for? Answer: Unknown type of radiation. Wilhelm Roentgen discovered a new form of radiation in 1895 and called it X-radiation because he didn't know what it was.. 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